De-risking the “Missing Middle”
through Stewardship.
Beka’s Real Estate Group offers banking partners a stable, CRA-aligned lending vehicle targeting the high-demand, supply-constrained workforce housing sector in Pinellas County.
The Market Gap
The “Missing Middle” (60–120% AMI) represents the backbone of the local economy— teachers, nurses, and tradespeople. Yet, this segment faces a chronic housing shortage.
“Too much income for subsidies.
Too little for luxury market rates.”
High Demand
Pinellas County has severe affordability constraints, driving relentless demand for attainable units.
Low Supply
Most new inventory is Class-A luxury. BREG acquires and preserves Class-B/C workforce housing.
Sticky Tenancy
This demographic avoids moving when given stable rents, creating predictable, long-term cash flow.
Resilient Values
Workforce housing values are less volatile than luxury assets during economic downturns.
Risk Mitigation Strategy
We replace speculative exit strategies with operational discipline. Our Stewardship Model ensures assets—and loans—perform over the long term.
Representative Unit Economics (Pro Forma)
Pinellas County 2/1 Multifamily| Line Item | Monthly | Annual | % of EGI |
|---|---|---|---|
| Gross Potential Rent (Attainable) | $1,650 | $19,800 | 100% |
| Less: Vacancy (3%) | ($49) | ($594) | 3% |
| Effective Gross Income | $1,601 | $19,206 | 97% |
| OpEx (Taxes, Ins, Maint, Mgmt) | ($640) | ($7,680) | 40% |
| Net Operating Income (NOI) | $961 | $11,526 | 5.8% Cap |
| *Figures illustrative based on 2026 submarket analysis for B-Class asset rehab. | |||
Management & Stewardship
Rebekah & Jonathan Rich operate as owner-operators with a stewardship mandate.
- Owner-operators (no third-party disconnect)
- Doctoral-level research oversight
- “Boots on the ground” local presence
Underwritten to prioritize cash-flow safety over maximum leverage.
Phase 1: Acquisition
- Conservative underwriting
- Value-add renovations
- Fixed-rate financing focus
Phase 2: Operations
- High-retention leasing
- Preventive maintenance
- Strong reserves policy
Phase 3: Reinvestment
- No shareholder extraction
- Surplus to capital improvements
- Mission lock via LLC agreement
Built for CRA Alignment
Partnering with BREG supports CRA outcomes through measurable community-development housing preservation.
Community Development Lending
Loans supporting affordable housing outcomes for LMI households (including workforce affordability), with documented rent/income targeting.
Service Test Credit
Optional staff volunteer programs (financial literacy, credit building, tenant stability coaching) for resident scholarship-track households.
Investment Test Credit
(Future phase) Qualified investments into scholarship endowments / resident support vehicles designed as public welfare investments.
Ideal Loan Products
We are seeking relationships with banks that understand local value.
Phase 1 (Years 1–3)
Conventional & FHA acquisition loans
DSCR rental loans
Phase 2 (Years 3+)
Portfolio refinance facilities
Small-balance multifamily